News & Notice

Subject U.S. requests South Korea for Renegotiation on KORUS FTA
Writer sdpark Date 2007-06-18 11:11:16 Count 1728
U.S. Requests South Korea for Renegotiation on KORUS FTA
The U.S. has formally proposed for a renegotiation with South Korea to amend Korea-U.S. Free Trade Agreement (FTA).
South Korean government has announced that the U.S. has requested for renegotiation after the executive of branch and the Congress have finalized an agreement on the new trade policy.
After South Korean government completes its review of the proposal, it will unveil the detailed information via a press release.
South Korean government has announced that after reviewing the formal request from the U.S. for renegotiation of Korea-U.S. FTA, it will agree to amend the proposed deal if the contents of the renegotiation request do not go beyond the framework of the concluded agreement.
The U.S. has requested for renegotiation on seven sectors including pharmaceutical, government procurement, harbor safety, investment and training aid to the employees and said to dispatch Wendy Cutler, assistant deputy U.S. trade representative, and other U.S. negotiators to Korea from June 21 to 22.
The U.S. is expected to concentrate more on the labor and environment provisions in general rather than asking for unreasonable requests.
There have been predictions that problems concerning multi-labor permission which has been postponed until 2009 and strike rights of the civil servants` rights will be raised if the U.S. is to limit its request only on labor and environment provisions.
Meanwhile, South Korea is anticipated to request for beneficial demands for the nation in sectors including a visa quota for specialists, intellectual property rights and pharmaceutical factors when dealing with the U.S.`s request on renegotiation.

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06-17, 2007 19:07:55

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